Where an investment has E[PW] positive ( > 0.5), an analysis might not be done of the

Where an investment has E[PW] positive (Φ > 0.5), an analysis might not be done of the option, because it would be a viable investment irrespective of any option value. Investments with Φ close to 1 should not need an options calculation to justify viability. Investments with

Φ close to 0 would need an options calculation to support viability.

At what value of Φ between 0 and